Prepare for the unexpected
We recently had world Cancer day and were reminded again of the severity and massive scale of this critical illness and how important it is to take preventative measures to minimise its effects. This month we talk about the similarities between dealing with critical illness and building wealth.?
In March we also have 2 South African milestones as on the 21st we officially go into autumn and celebrate our Human Rights day. We look at retirement and the fact that living well in retirement is not a right but a privilege that is earned so we offer some practical steps to ensure we will be able to enjoy the ‘Autumn’’ of our years! Let’s get straight to it…??
How critical illness and financial well-being are intertwined
We all know that if we are not prepared for it unexpected critical illness can do untold damage to our financial well-being too. It is interesting to note, however, how synergistic dealing well with critical illness and the creation of wealth is. Take these examples…
Planning and prevention
You need to plan for the worst with medical issues by having good medical aid and possibly gap cover too. You also take preventative measures for things like cancer by having regular screenings.
Similarly in wealth creation, you plan by having a budget from which you save to invest and then plan a profile with a good Financial Advisor. You also need to prevent the diminishing of this wealth by having critical illness and possibly income protection in place.
Prepare for the unexpected
Critical illnesses usually happen when you least expect them and so preventative measures are important. In terms of wealth creation too, we often face the unexpected, like economic depression or an unexpected life-threatening illness. We amortize the damage done by having the aforementioned preventative measures in place – and a well-constructed, flexible wealth profile.
It takes time?
Serious medical issues generally take time to heal, so we should be covered for an extensive period of reduced income. Wealth creation takes time too and correspondingly we need to always be planning well ahead and have good retirement plans in place.
Don’t go it alone
When you face critical illness you look for professional assistance from medical practitioners who are experts at what they do. Surely the same should apply to wealth creation? Don’t even consider going it alone with wealth planning – I’m here for you so let’s talk!?